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Tuesday, February 26, 2013

More Bank Cuts Disprove Fed's Assertions on Job Creation

Today's announcement by JP Morgan Chase to cut up to 4,000 jobs in 2013 (see Reuters article), further disproves the Fed's assertions that their monetary policy since 2009 has been geared towards job creation.


There have also been mass job cuts at a multitude of other banks, such as 11,000 announced at Citigroup in December 2012 (on top of 96,500 job cuts already announced from 2007 to 2011, as reported in this Reuters article) and 16,000 at Bank of America, as I wrote about in this post of September 20, 2012.

Presumably the Banks, who are the first beneficiaries of the Fed's monetary policy, do not support the Fed's goal...makes me wonder, who does support it and whether or not it's actually working, despite what data says about the mild drop, thus far, in unemployment.

This UPDATE February 27th from Reuters shows even more Bank job cuts to come: